The Central Bank of the UAE (CBUAE) has unveiled a new symbol for the country's national currency, the dirham, as part of a move to strengthen the Emirates' position as a leading global financial hub.
The new symbol was chosen to represent the stability of the Emirati dirham while also paying tribute to the country's flag. The CBUAE also revealed the symbol for the digital dirham.
"The letter was chosen, derived from the English name of the dirham, to serve as an international symbol representing the nation's currency, incorporating two horizontal lines that embody the stability of the UAE Dirham and inspired by the UAE flag, to enhance financial and monetary stability," read a statement from the CBUAE on Thursday.
"The digital dirham symbol features a circle surrounding the physical currency symbol, using the colours of the UAE flag to reflect pride and national identity."
The issuance of the digital dirham, the central bank digital currency, is expected to take place in the last quarter of the year for the retail sector.
A CBDC is a digital form of a government-issued currency. They are similar to cryptocurrencies, except that their value is fixed by the monetary authority and equal to the country's fiat currency.
Central banks around the world are looking into the development of digital currencies amid the growing popularity of cryptocurrencies as an asset class among retail and institutional investors.
"We are proud to unveil today the new symbol for the UAE's national currency the "dirham" in both its physical and digital forms, and the design of the digital dirham wallet," said Khaled Mohamed Balama, governor of the CBUAE. "This reflects the significant advancements in the implementation of the Digital Dirham programme and a leap towards realising the CBUAE’s vision."
Individuals and businesses will be able to obtain the digital dirham through licenced financial institutions, such as banks, exchange houses, finance companies and FinTech companies.
The digital dirham is a key initiative of the Financial Infrastructure Transformation programme launched by the CBUAE in 2023.
The central bank has developed a secure platform for the issuance, circulation and use of the digital dirham, including a digital dirham wallet. The wallet is designed for ease of use by individuals and businesses, enabling a number of financial transactions, including retail, wholesale and cross-border payments, money transfers and withdrawals, top-ups, and redemption of the Digital Dirham.
The central bank had signed an agreement with Abu Dhabi's G42 Cloud and digital finance services provider R3 to be the infrastructure and technology providers, respectively, for the implementation of the Digital Dirham.
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INDIA SQUADS
India squad for third Test against Sri Lanka
Virat Kohli (capt), Murali Vijay, Lokesh Rahul, Shikhar Dhawan, Cheteshwar Pujara, Ajinkya Rahane, Rohit Sharma, Wriddhiman Saha, Ravichandran Ashwin, Ravindra Jadeja, Kuldeep Yadav, Mohammed Shami, Umesh Yadav, Ishant Sharma, Vijay Shankar
India squad for ODI series against Sri Lanka
Rohit Sharma (capt), Shikhar Dhawan, Ajinkya Rahane, Shreyas Iyer, Manish Pandey, Kedar Jadhav, Dinesh Karthik, Mahendra Singh Dhoni, Hardik Pandya, Axar Patel, Kuldeep Yadav, Yuzvendra Chahal, Jasprit Bumrah, Bhuvneshwar Kumar, Siddarth Kaul
Essentials
The flights
Emirates and Etihad fly direct from the UAE to Los Angeles, from Dh4,975 return, including taxes. The flight time is 16 hours. Alaska Airlines, United Airlines, Delta Air Lines, Aeromexico and Southwest all fly direct from Los Angeles to San Jose del Cabo from Dh1,243 return, including taxes. The flight time is two-and-a-half hours.
The trip
Lindblad Expeditions National Geographic’s eight-day Whales Wilderness itinerary costs from US$6,190 (Dh22,736) per person, twin share, including meals, accommodation and excursions, with departures in March and April 2018.
Ten tax points to be aware of in 2026
1. Domestic VAT refund amendments: request your refund within five years
If a business does not apply for the refund on time, they lose their credit.
2. E-invoicing in the UAE
Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption.
3. More tax audits
Tax authorities are increasingly using data already available across multiple filings to identify audit risks.
4. More beneficial VAT and excise tax penalty regime
Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.
5. Greater emphasis on statutory audit
There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.
6. Further transfer pricing enforcement
Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes.
7. Limited time periods for audits
Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion.
8. Pillar 2 implementation
Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.
9. Reduced compliance obligations for imported goods and services
Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations.
10. Substance and CbC reporting focus
Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity.
Contributed by Thomas Vanhee and Hend Rashwan, Aurifer
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Five expert hiking tips
Always check the weather forecast before setting off
Make sure you have plenty of water
Set off early to avoid sudden weather changes in the afternoon
Wear appropriate clothing and footwear
Take your litter home with you
